Branson seeks stake in Asian budget airline

Sir Richard Branson is close to acquiring a stake in a long-haul budget airline. Fly Asian Express will launch this year and it is understood that the Virgin Group is in advanced talks to buy a 20% stake.

The Kuala Lumpur-based business is the brainchild of Tony Fernandes, the co-founder and chief executive of AirAsia. Virgin Group declined to comment and Mr Fernandes could not be reached.

Sources close to the talks confirmed that a deal is imminent. The inaugural flight from Kuala Lumpur to London Stansted is expected around next Easter. Return flights will cost between £130 and £200.